AIFC · ISLAMIC FINANCE
AFSA Licensing — Islamic Finance
Bond Stone advises on AFSA Islamic finance licensing within the AIFC — Islamic banking, Takaful insurance, Islamic financing, and Shariah-compliant investment structures. The AIFC has made Islamic finance a strategic priority for the Central Asian market.
The AIFC has established an international Islamic Finance Advisory Board with experts from the UAE, Saudi Arabia, Bahrain, Malaysia, Turkey, and Kazakhstan — positioning Astana as the gateway for Shariah-compliant financial services across the EAEU’s 180 million consumer market. Kazakhstan’s Muslim-majority population and its position between Gulf capital markets and Central Asian growth economies makes the AIFC an increasingly attractive Islamic finance jurisdiction.
Governed by: AIFC Financial Services Framework Regulations; AFSA Islamic Banking Business Rules; AFSA Islamic Finance Rules; AIFC Takaful Rules. Authority: afsa.aifc.kz
Islamic Finance Regulated Activities
Islamic Banking Business
Conducting banking business in compliance with Shariah principles — accepting deposits and providing financing through Murabaha (cost-plus financing), Ijara (leasing), Musharaka (partnership), and Mudaraba (profit-sharing) structures. Governed by AFSA Islamic Banking Business Rules.
Providing Islamic Financing
Providing Shariah-compliant financing arrangements — trade finance (Murabaha), project finance (Istisna), and structured finance using Islamic instruments. An alternative to conventional credit provision for clients requiring halal financing solutions.
Managing a Restricted Profit Sharing Investment Account
Managing investment accounts where returns are based on profit-sharing (Mudaraba) arrangements rather than fixed interest. A Shariah-compliant alternative to conventional discretionary investment management — used by Islamic asset managers and wealth managers.
Takaful Business
Shariah-compliant insurance — participants contribute to a mutual indemnity pool based on the principle of Tabarru (donation). AIFC Takaful framework supports Family Takaful (life-equivalent, covering savings and protection) and General Takaful (non-life property, liability, and health).
Key Shariah Structures Used in AIFC Islamic Finance
| Structure | Application |
|---|---|
| Murabaha | Cost-plus financing — seller purchases an asset and sells it to the buyer at a disclosed markup. Used for trade finance, consumer finance, and commodity financing. |
| Ijara | Islamic leasing — the financier purchases an asset and leases it to the client. Used for real estate finance, equipment finance, and aircraft finance. |
| Musharaka | Partnership financing — both parties contribute capital and share profits and losses. Used for project finance, joint ventures, and equity participation structures. |
| Mudaraba | Profit-sharing arrangement — one party provides capital, the other provides expertise and management. Used for investment funds, restricted profit-sharing accounts, and Takaful structures. |
| Sukuk | Islamic bonds — certificates representing ownership in an underlying asset or pool of assets. Listed on the Astana International Exchange (AIX). Green Sukuk issuances have been listed at the AIFC. |
AIFC — Central Asia’s Islamic Finance Gateway
✦ International Islamic Finance Advisory Board established — UAE, Saudi Arabia, Bahrain, Malaysia, Turkey, and Kazakhstan experts
✦ Green Sukuk and conventional Sukuk listed on Astana International Exchange (AIX)
✦ EAEU market access — 180 million consumers across Kazakhstan, Russia, Belarus, Armenia, and Kyrgyzstan
✦ 0% CIT exemption until 2066 — tax-efficient base for Gulf capital deploying into Central Asia via AIFC Islamic finance structures
Primary authority: afsa.aifc.kz
Discuss your Islamic finance licence
Contact Bond Stone for a confidential discussion about AFSA Islamic finance licensing and Shariah-compliant structuring within the AIFC.
📧 info@bondstonelaw.com
📞 +7 (701) 729 76 72
Request a Confidential Consultation
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